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Requests for up front financing will be considered on a case-by-case basis. <br /> <br />b. <br />A maximum of ten percent (10%) of any tax increment received fro <br />district will be retained by the city to reimburse administrativ <br />c. <br />Any developer receiving TIF assistance shall provide a minimum of te <br />percent (10%) owner cash equity investment in the project. <br />d. <br />TIF will not be used to purchase property where land and/or prop <br />is in excess of fair market value. <br />e. <br />Developer shall be able to demonstrate a market demand for a proposed <br />project. TIF shall not be used to support purely speculative pr <br />f. <br />TIF will not be utilized in cases where it would create an unfai <br />significant competitive financial advantage over other projects in the area. <br />g. <br />TIF shall not be used for projects that would place extraordinar <br />on city services or for projects that would generate significant <br />impacts [unless those impacts can be corrected at a cost not greater tha <br />tax increments generated by the project]. <br />h. <br />The developer must provide adequate financial guarantees to ensu <br />completion of the project, including, but not limited to: minimu <br />agreements, letters of credit, personal guaranties, etc. <br />i. <br />The developer shall adequately demonstrate, to the citys sole satisfaction, an <br />ability to complete the proposed project based on past developme <br />experience, general reputation, and credit history, among other <br />including the size and scope of the proposed project. <br />j. <br />For the purposes of underwriting the proposal, the developer sha <br />any requested market, financial, environmental, or other data re <br />the city or its consultants. <br /> <br />k. <br />All TIF proposals shall optimize the private development potentisite. <br /> <br />VI. <br />PROJECT QUALIFICATIONS <br />All TIF projects considered by the city of Elk River must meet a <br />requirements: <br /> <br />a. <br />To be eligible for TIF, a project shall result in: <br />i. <br />The new construction of a minimum of 25,000 square feet; <br />ii. <br />A minimum increase of $37,500 per year in property taxes, excluding <br />the state portion; and <br />iii. <br />Have a market value of at least $1,250,000 upon completion. <br /> <br />b. <br />one <br />The project shall (i) meet at least or more of the objectives set forth in <br />City of Elk River Tax Increment Financing Policy & Application <br />Amended March 2017 <br />Page 7 of 22 <br />498942v2 JSB EL185-13 <br />